Fidelity Investments global macro director Jurrien Timmer questions whether the decline in stock-bond correlation means the 60/40 portfolio is regaining favor. Timmer’s chart shows that, in data through November 2, the five-year correlation was between 10% and 12%. Timmer believes rising yields are causing stocks and bonds to continue moving in the same direction, potentially weakening the protection available to 60/40 investors. However, Ariel Investments vice chairman Charlie Bobrinskoy believes bonds are attractive when 10-year U.S. Treasury yields are around 5%. Timmer has proposed a 60/20/20 asset allocation, with the final 20% invested in alternative assets, gold, bitcoin, and cash.